The pandemic’s duration was a difficult time for the entire world. Physical contact was banned all around the globe during the lockdown. There were new forms of communication introduced. The international economy is significantly reviving because of technology. Physical interaction decreased, and all industries created innovative approaches to remotely working. The primary working medium changed to the Internet. Even now, after the outbreak, everyone is endorsing the concept of remote working. Since most businesses now communicate and work online, this strategy works for the majority of industries. For their clients, the financial industries are employing innovative digital offerings. To authenticate clients’ identities remotely, the new KYC identity verification systems include a video KYC solution.
What is the Video KYC Solution?
The process of visually confirming customers’ legitimacy is known as video KYC. The company representative uses a video call to verify the customer’s identity during this process. The customer has an interview with the company’s expert. This process works well for online customer identity verification.
The Process of Video KYC Solution
After the completion of the onboarding process, the majority of digital platforms start this KYC video solution identification operation. Many businesses use this customer onboarding video as an additional layer of security and as a double check.
Customer Registration
Customer registration on the company’s online portal serves as the starting point for the video authentication process. During the signup process, the client is prompted to supply all the necessary details regarding their identity. The customer fills up the form with their personal information. Starting from name, email, and date of birth. Using online forms, the banking industry also collects customer financial statements.
Starting a Video Call
The customer receives the video conferencing link at the email address they provided after submitting their data online. The URL redirects the client to the video verification platform, where both the customer and the KYC expert are connected.
Customer – KYC Expert Interaction
The KYC agent conducts an interview with the client after establishing connection in order to confirm identity via video call. In order to learn more about the customer’s identity, the business professional will ask them a number of questions. Several requirements of know your customer compliance are met during the face-to-face video call conversation.
KYC Expert Verification
After completing a thorough walkthrough of the customer, the agent verifies the client. Through a live video call, the process verifies the customer’s face. The video KYC solution process also verifies the customer’s identity documents. The information given by the customer before, at the time of registration, is compared with all the data gathered during call.
Finalizing Process
On successful completion of the data verification process, the customer gets a notification about its verification and onboarding. After successfully completing onboarding via online video identity verification, the customer has access to the organizational resources.
The Advantages of KYC Video Solution
Any organization can benefit most from the video verification process. It offers a ton of benefits over the conventional KYC approach.
Fraud Prevention
This process helps to avoid fraud in the system. By instantly confirming the customer’s identity, it helps to prevent scams. The video interaction between the customer and KYC agent is to ensure the client’s legitimacy. Fraudsters cannot trick the face identification of the KYC verification systems, because these interactions are direct with the organization’s agent.
Preventing Money Laundering Risks
The KYC video solution process helps in preventing the laundering of money through these online platforms. Most businesses are processing their trades through online channels. These kinds of channels are usually used by fraudsters to launder their money. Through the process of video KYC, the customer can now use that platform after a complete identity check-up via video call. This restricts the launderers’ ability to launder money. By implementing AML laws with the process of video KYC solution.
Improved Customer Experience
The video KYC solution process significantly improves the client experience. Since the whole process of verification is online, the customer experiences a secure onboarding method that ensures credibility. The complete video verification process takes place digitally. The customer experiences a safe onboarding that enhances credibility. In return, the organizational objectives are also communicated to the clients, which overall increases the outcomes.
Concluding Remarks
The world is moving towards innovation at a great pace. Every passing day, a new startup starts its business online. Multiple businesses are using video verification processes for customers in real-time in their systems. The video KYC solution allows firms to determine which users are real and which are fake. Businesses use the video conferencing protocol in order to verify the client. Real-time communication occurs between the customer and the business agent. In this way, the verification process is secured and the customer experience is greatly enhanced. Using this approach to verification, the whole process becomes more secure and it enhances the customer experience as well.
